Internet Capital Group Inc. (ICGE, Financial) filed Quarterly Report for the period ended 2009-06-30.
Internet Capital Group is an Internet holding company actively engaged in business-to-business e-commerce through a network of Partner Companies. It provides operational assistance capital support expertise and a strategic network of business relationships intended to maximize the long-term market potential of business-to-business e-commerce Partner Companies. (PRESS RELEASE) Internet Capital Group Inc. has a market cap of $265.8 million; its shares were traded at around $7.24 with and P/S ratio of 3.6.
Revenue increased $10.1 million to $43.7 million in the six months ended June 30, 2009 from $33.6 million in the six months ended June 30, 2008. While this increase primarily relates to a 21% increase in new and existing customer revenue at ICG Commerce in 2009 versus 2008, the change is also the result of the consolidation of Vcommerce for the full 2009 period compared with the consolidation of Vcommerce for only May and June in 2008.
Operating expenses increased $3.6 million, from $18.6 million in the three months ended June 30, 2008 to $22.2 million in the three months ended June 30, 2009. This primarily relates to the increase in cost of revenues and selling, general and administrative expenses. These costs at ICG Commerce increased 27% from the 2008 period primarily due to a 17% increase in headcount from the 2008 period needed to service new customers. ICG Commerce also moved its corporate offices to a new location in 2009, contributing to the increase. Cost of revenues relating to Vcommerce also increased slightly in the 2009 period compared to the 2008 period. This is due to the consolidation of Vcommerce for two months in 2008 versus a full quarter in 2009. Selling, general and administrative expenses increased at Investor Force in the 2009 period from the 2008 period; the increase related to the hiring of certain additional key personnel in late 2008 and early 2009. The increases in cost of revenues and selling, general and administrative were offset slightly by a decrease in research and development costs, mostly related to cost reduction efforts at Vcommerce.
Operating expenses for the six months ended June 30, 2009 increased $8.0 million to $42.7 million from $34.7 million in the comparable 2008 period. Cost of revenues, selling, general and administrative expenses and research and development costs attributed to Vcommerce increased by $2.0 million in the aggregate due to the consolidation of Vcommerce for the full six month period of 2009 compared with two months of the comparable period in 2008. Additionally, cost of revenues, selling general and administrative expenses and research and development costs each increased by 20% at ICG Commerce in the six months ended June 30, 2009 compared with the comparable 2008 period. These increases were primarily driven by increased headcount needed to service new customers and implementation fees associated with new corporate offices. Finally, an increase of approximately $0.4 million in selling, general and administrative expenses at Investor Force was the result of hiring certain additional key personnel in late 2008 and early 2009 and expenses associated with servicing new customers in the six months ended June 30, 2009 versus the first six months of 2008.
Our general and administrative expenses decreased $1.4 million for the three months ended June 30, 2009 from the comparable 2008 period, primarily due to a $0.5 million reduction in employee-related expenses, primarily salary and travel expense, a $0.5 million decrease in equity-based compensation, and a $0.4 million decrease in professional services fees.
These expenses decreased $2.2 million for the six months ended June 30, 2009 to $8.9 million from $11.1 million for the six months ended June 30, 2008. This
Read the The complete ReportICGE is in the portfolios of Robert Bruce of Bruce & Co., Inc., Arnold Schneider of Schneider Capital Management.
Internet Capital Group is an Internet holding company actively engaged in business-to-business e-commerce through a network of Partner Companies. It provides operational assistance capital support expertise and a strategic network of business relationships intended to maximize the long-term market potential of business-to-business e-commerce Partner Companies. (PRESS RELEASE) Internet Capital Group Inc. has a market cap of $265.8 million; its shares were traded at around $7.24 with and P/S ratio of 3.6.
Highlight of Business Operations:
Revenue increased $4.5 million to $22.1 million in the three months ended June 30, 2009 from $17.6 million in the comparable period of 2008. This revenue increase was primarily driven by a 22% increase in revenues at ICG Commerce for the second quarter of 2009 versus the comparable period in 2008 from new and existing customers, as well as a lesser increase at Investor Force in the 2009 quarter compared to the 2008 period and the consolidation of Vcommerce for the full 2009 quarter versus the partial 2008 quarter.Revenue increased $10.1 million to $43.7 million in the six months ended June 30, 2009 from $33.6 million in the six months ended June 30, 2008. While this increase primarily relates to a 21% increase in new and existing customer revenue at ICG Commerce in 2009 versus 2008, the change is also the result of the consolidation of Vcommerce for the full 2009 period compared with the consolidation of Vcommerce for only May and June in 2008.
Operating expenses increased $3.6 million, from $18.6 million in the three months ended June 30, 2008 to $22.2 million in the three months ended June 30, 2009. This primarily relates to the increase in cost of revenues and selling, general and administrative expenses. These costs at ICG Commerce increased 27% from the 2008 period primarily due to a 17% increase in headcount from the 2008 period needed to service new customers. ICG Commerce also moved its corporate offices to a new location in 2009, contributing to the increase. Cost of revenues relating to Vcommerce also increased slightly in the 2009 period compared to the 2008 period. This is due to the consolidation of Vcommerce for two months in 2008 versus a full quarter in 2009. Selling, general and administrative expenses increased at Investor Force in the 2009 period from the 2008 period; the increase related to the hiring of certain additional key personnel in late 2008 and early 2009. The increases in cost of revenues and selling, general and administrative were offset slightly by a decrease in research and development costs, mostly related to cost reduction efforts at Vcommerce.
Operating expenses for the six months ended June 30, 2009 increased $8.0 million to $42.7 million from $34.7 million in the comparable 2008 period. Cost of revenues, selling, general and administrative expenses and research and development costs attributed to Vcommerce increased by $2.0 million in the aggregate due to the consolidation of Vcommerce for the full six month period of 2009 compared with two months of the comparable period in 2008. Additionally, cost of revenues, selling general and administrative expenses and research and development costs each increased by 20% at ICG Commerce in the six months ended June 30, 2009 compared with the comparable 2008 period. These increases were primarily driven by increased headcount needed to service new customers and implementation fees associated with new corporate offices. Finally, an increase of approximately $0.4 million in selling, general and administrative expenses at Investor Force was the result of hiring certain additional key personnel in late 2008 and early 2009 and expenses associated with servicing new customers in the six months ended June 30, 2009 versus the first six months of 2008.
Our general and administrative expenses decreased $1.4 million for the three months ended June 30, 2009 from the comparable 2008 period, primarily due to a $0.5 million reduction in employee-related expenses, primarily salary and travel expense, a $0.5 million decrease in equity-based compensation, and a $0.4 million decrease in professional services fees.
These expenses decreased $2.2 million for the six months ended June 30, 2009 to $8.9 million from $11.1 million for the six months ended June 30, 2008. This
Read the The complete ReportICGE is in the portfolios of Robert Bruce of Bruce & Co., Inc., Arnold Schneider of Schneider Capital Management.
